Foreclosure proceedings against 110 acres of land in northern El Paso County managed by the developer chosen by the city to oversee the U.S. Olympic Committee headquarters/Olympic Training Center project appear to be just the tip of the legal iceberg bearing down on Ray Marshall and LandCo. While Marshall’s attorneys, Greenberg Traurig, claimed that he [...]
Continue reading …The United States Olympic Committee has begun reducing its 2009 operating budget by $7.1 million, which will mean the elimination of 54 jobs. Officials say the budget reduction – from $142.6 million to $135.5 million – is necessary because of the economic downturn. The reductions represent more than 10 percent budget that is not allocated [...]
Continue reading …Since the end of January, Mayor Lionel Rivera has been attempting to raise $1.5 million from wealthy, civic-minded individuals to prop up the troubled deal between the U.S. Olympic Committee, LandCo Equity Partners and the City of Colorado Springs. As the Business Journal reported today, the USOC deal is stalled because of LandCo’s apparent inability [...]
Continue reading …In a letter dated March 2 to Springs Mayor Lionel Rivera, USA Boxing CEO Jim Millman asked the city to provide a $3 million line of credit or unsecured loan that would be payed back over the next 25 years.Millman said that the organization has been approached by an undisclosed city about moving its national [...]
Continue reading …City appears to be in no rush to issue COPs to pay for USOC headquarters project The City of Colorado Springs has yet to market the debt instruments that will pay for its share of the cost of building new facilities for the U.S. Olympic Committee and the Olympic Training Center. The city’s commitment, estimated [...]
Continue reading …The U.S. Olympic Committee/Olympic Training Center project cost was originally estimated at $53.5 million. The city’s share is about $27 million, to be financed by certificates of participation. The El Pomar Foundation will kick in $2 million, and the state economic development office has agreed to provide $500,000. LandCo Equity Partners LLC had reportedly secured [...]
Continue reading …WASHINGTON – The U.S. Olympic Committee announced today it will trim its workforce, further reduce programming and slash more administrative expenses in cost-cutting measures that should save $7.1 million.A gloomy economic forecast prompted the 10-member USOC board to implement the undetermined number of layoffs, expected within a month among 330 employees at the Olympic Training [...]
Continue reading …Crain’s Chicago Business reported yesterday that Mayor Richard Daley’s administration has proposed building a home for the United States Olympic Committee on the city’s Navy Pier on Lake Michigan close to Chicago’s downtown. The news comes as the USOC is meeting this morning in Atlanta, where it is expected to review options for a possible [...]
Continue reading …USA Cycling spokesman Andy Lee said the organization’s board has not made a decision about whether it will move its headquarters from Colorado Springs. Officials said earlier this year that they had expected to make a moving decision by early December. “We definitely have a proposal on the table from Ogden (Utah), but we’re still [...]
Continue reading …El Paso County and the city of Colorado Springs’ Economic Development Divisions have received approval from the Colorado Economic Development Commission to add the United States Olympic Committee retention and expansion project to the list of eligible Enterprise Zone projects. The approval will provide state income tax credits to donors who contribute to the project. [...]
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